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On January 1, 2022, Sandhill Corporation had the following stockholders equity accounts.
| Common Stock ($20 par value, 63,500 shares issued and outstanding) | | $1,270,000 |
| Paid-in Capital in Excess of ParCommon Stock | | 197,000 |
| Retained Earnings | | 564,000 |
During the year, the following transactions occurred.
| Feb. 1 | | Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. |
| Mar. 1 | | Paid the dividend declared in February. |
| Apr. 1 | | Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. |
| July 1 | | Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. |
| 31 | | Issued the shares for the stock dividend. |
| Dec. 1 | | Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2023. |
| 31 | | Determined that net income for the year was $300,500. |
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